Co-movements between US and UK stock prices: the roles of macroeconomic information and time-series varying conditional correlations

This paper provides evidence on the sources of co-movement in monthly US and UK stock price movements by investigating the role of macroeconomic and financial variables in a bivariate system with time-varying conditional correlations. Crosscountry communality in response is uncovered, with changes in the US Federal Funds rate, UK bond yields and oil prices having similar negative effects in both markets. Other variables also play a role, especially for the UK market. These effects do not, however, explain the marked increase in cross-market correlations observed from around 2000, which we attribute to time variation in the correlations of shocks to these markets. A regime-switching smooth transition model captures this time variation well and shows the correlations increase dramatically around 1999-2000. JEL classifications: C32, C51, G15 Keywords: international stock returns, DCC-GARCH model, smooth transition conditional correlation GARCH model, model evaluation.

Multinationals, R&D and productivity: Evidence for UK Manufactoring firms

In this study we analyze multinationality (domestic-based firms vs. multinationals) and foreignness (foreign vs. domestic firms) effects in the returns of R&D to productivity. We follow a two-step strategy. In the first step, we consistently ''s productivity by GMM and numerically compute the sample distribution of the R&D returns. In the second step, we use stochastic dominance techniques to make inferences on the multinationality and foreignness effects. Results for a panel of UK manufacturing firms suggest that multinationality and foreignness effects operate in an opposite way: whilst the multinationality effect enhances R&D returns, the foreignness diminishes them.

Understanding the religious behaviour of Muslims in the Netherlands and the UK

The position of Muslims in Western societies is the subject of intense study and debate. However, remarkably little attention has been paid to the practice of European Muslims and how Muslim religiosity relates to conventional measures of social and economic integration. In this paper we draw on theories of secularization, assimilation, revitalization and integration to explore the correlates of attendance at religious meetings for Muslims of different backgrounds in the Netherlands and the UK. We conclude that patterns of religiosity and secularisation cannot be generalised across national contexts.

Land use regulation and productivity - Land matters: Evidence from a UK Supermarket chain

We use store-specific data for a major UK supermarket chain to estimate the impact of planning on store output. Using the quasi-natural experiment of the variation in policies between England and other UK countries, we isolate the impact of Town Centre First policies. We find that space contributes directly to store productivity; and planning policies in England directly reduce output both by reducing store sizes and forcing stores onto less productive sites. We estimate that since the late 1980s planning policies have imposed a loss of output of at least 18.3 to 24.9% - more than a “lost decade’s” growth. JEL codes: D2, L51, L81, R32.

Building a Manifesto for OER sustainability : UK experiences

Evidence of sustainability, or the potential to achieve this, is increasingly a pre-requisite for OER activity, whether imposed by funders, by institutions requiring a 'business case' for OER, or practitioners themselves - academics, educational technologists and librarians, concerned about how to justify engagement with a unfamiliar, and unproven practices, in today's climate of limited resource. However, it is not clear what is meant by 'sustainability' in relation to OER, what will be needed to achieve or demonstrate this, nor who the expectation of sustainability relates to. This paper draws on experiences of UK OER projects to identify aspirations that those involved in delivering OER activity have for OER sustainability ¿ what a 'manifesto' for OER sustainability beyond project funding, based on OER use, might look like.

The allometry of non-employment. What can compositional data analysis tell us about labour market performance across the UK's regions?

The low levels of unemployment recorded in the UK in recent years are widely cited asevidence of the country’s improved economic performance, and the apparent convergence of unemployment rates across the country’s regions used to suggest that the longstanding divide in living standards between the relatively prosperous ‘south’ and the more depressed ‘north’ has been substantially narrowed. Dissenters from theseconclusions have drawn attention to the greatly increased extent of non-employment(around a quarter of the UK’s working age population are not in employment) and themarked regional dimension in its distribution across the country. Amongst these dissenters it is generally agreed that non-employment is concentrated amongst oldermales previously employed in the now very much smaller ‘heavy’ industries (e.g. coal,steel, shipbuilding).This paper uses the tools of compositiona l data analysis to provide a much richer picture of non-employment and one which challenges the conventional analysis wisdom about UK labour market performance as well as the dissenters view of the nature of theproblem. It is shown that, associated with the striking ‘north/south’ divide in nonemployment rates, there is a statistically significant relationship between the size of the non-employment rate and the composition of non-employment. Specifically, it is shown that the share of unemployment in non-employment is negatively correlated with the overall non-employment rate: in regions where the non-employment rate is high the share of unemployment is relatively low. So the unemployment rate is not a very reliable indicator of regional disparities in labour market performance. Even more importantly from a policy viewpoint, a significant positive relationship is found between the size ofthe non-employment rate and the share of those not employed through reason of sicknessor disability and it seems (contrary to the dissenters) that this connection is just as strong for women as it is for men

Do women in female-dominated occupations exit the labour market more? Evidence from Italy, Spain, Denmark and the UK

Literature on sex occupational segregation has typically focused on the micro and macro determinants of it, on mobility patterns over the life course, on implications of segregation and mobility for gender inequalities. Rarely the link between sex-type occupations and women’s risk of labour market interruptions over family formation has been explored. In this piece of work we shall analyse whether women who are working in the female-dominated, male-dominated or integrated occupations have more or less chances to remain attached to the labour market, controlling for qualifications, class, sector and contract positions. By drawing from ECHP, and comparing Italy, Spain, Denmark and the UK, we shall in particular see whether such connection varies across countries with different institutional and cultural configurations.We find that, ceteris paribus, only in the UK the sex-composition of an occupation matters: women in female occupations are more likely to move to inactivity than women in mixed or male occupations. In the other countries considered the main cleavages lie elsewhere. In Italy what matters most is the sector of employment (public vs. private). In Spain the sector is relevant too, but also social class and the type of contract held (permanent vs. temporary). In Denmark women’s transitions to inactivity are largely independent of human capital and job characteristics.

Societat de la vigilància 25 anys desprès de 1984 a Catalunya i UK

Desprès de un any de treball, el grup ha detectat que la relació entre protecció de dades i vídeo vigilància constitueix el nus central de la preocupació internacional en torn a la anomenada “Societat de la Vigilància”. Paral•lelament, ha constatat que a l’Estat Espanyol hi ha pocs grups que treballin aquesta cruïlla temàtica, raó per la qual la representació ibèrica en els grups de recerca europeus era minsa. Per aquestes raons, el grup ha dedicat els esforços a: 1) desenvolupar un marc teòric que faci possible entendre l’entramat legislatiu, sociològic i fenomènic de la video vigilància a Catalunya, a l’estat Espanyol, i a Europa. 2) dur a terme accions de recerca empírica qualitativa i quantitativa i relacionar-les amb aquest marc teòric. 3) crear vincles de col•laboració amb investigadors catalans, espanyols, anglesos i fins i tot europeus, començant una etapa d’integració a les xarxes de recerca en funcionament o en estat latent. En funció de les característiques de la convocatòria i del tema original que ens ocupava (la relació entre la mes coneguda obra de George Orwell -1984- i la situació actual del control social a Catalunya i al Regne Unit), s’ha posat especial èmfasi en l’establiment de vincles amb investigadors del Regne Unit; com a conseqüència, s’ha treballat amb dos de les persones “associades” al projecte (Phillip Carney i David Porteous) intercanviant dades, informació i dissenyant accions, en una col•laboració que té projecció en el futur immediat -amb la publicació d’un llibre conjunt- i mediat -mitjançant la integració de investigadors participants en aquest projecte en altres accions de recerca d’abast europeu-. Les accions realitzades en funció d’això explicat es descriuen en aquesta memòria, acompanyades d’un breu resum de les troballes mes significatives.

Theimpact of industry collaboration on research: Evidence from engineering academics in the UK

We study the impact of university-industry research collaborations on academicoutput, in terms of productivity and direction of research. We report findings froma longitudinal dataset on all the researchers from the engineering departments inthe UK in the last 20 years. We control for the endogeneity caused by the dynamicnature of research and the existence of reverse causality. Our results indicate thatresearchers with industrial links publish significantly more. Productivity, though,is higher for low levels of industry involvement. Moreover, growing ties with theindustry skew research towards a more applied approach.

Endogeneous matching in university-industry collaboration: Theory and empirical evidence from the UK

We develop a two-sided matching model to analyze collaboration between heterogeneousacademics and firms. We predict a positive assortative matching in terms of both scientificability and affinity for type of research, but negative assortative in terms of ability on one sideand affinity in the other. In addition, the most able and most applied academics and the mostable and most basic firms shall collaborate rather than stay independent. Our predictionsreceive strong support from the analysis of the teams of academics and firms that proposeresearch projects to the UK's Engineering and Physical Sciences Research Council.